JC Penny FAP Analysis
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Overall Success: Mission, Vision and Primary Stakeholders Expenses mission statement has always been an important part of the J Penny philosophy and culture.
It has never been a secret what James Cash Penny’s values were when he opened his first store called The Golden Rule. “Do unto others as you would have others do unto you,” is a mission statement that guided Penny and his employees for as long as he was actively involved in his business. Today the company uses a billeted list of eight specific principles that they call “Winning Together Principles” that are the mission for J Penny employees today: Associates – We value, develop and reward the contributions and talents of all associates.
Integrity – We act only with the highest ethical standards. Performance – We provide coaching and feedback to perform at the highest level.
Recognition – We celebrate the achievements of others. Teamwork – We win together through leadership, collaboration, open and honest communication, and respect. Quality – We strive for excellence in our work, products, and services. Innovation – We encourage creative thinking and intelligent risk taking. Community – We care about and are involved in our communities.
Penny Vision Statement: “Spinney is executing a strategic Long Range Plan that consists of four integrated strategies aimed at building a deeper, more enduring relationship with our customers, increasing the engagement and retention of our Associates, and delivering industry leading financial performance to our shareholders. ” The companies primary stakeholders are their stock holders, investors, owners, creditors, suppliers and others whom have something to lose in the company..
Forces of Competition 3. Competitive rivalry.
The main driver is the number and capability of competitors in the market. Many competitors, offering undifferentiated products and services, will reduce market attractiveness. 4. Threat of substitution.
Where close substitute products exist in a market, it increases the likelihood of customers switching to alternatives in response to price increases. This reduces both the power of suppliers and the attractiveness of the market. 5. Threat of new entry. Profitable markets attract new entrants, which erodes profitability.
Unless incumbents have strong and durable barriers to entry, for example, patents, economies of scale, capital requirements or government policies, The retail industry is highly competitive, with few barriers to entry. We compete with many other local, regional and national retailers for customers, employees, locations, merchandise, services and other important aspects of our business. Those competitors include other department stores, discounters, home furnishing stores, specialty retailers, wholesale clubs, direct-to-consumer businesses, including those n the Internet, and other forms of retail commerce.
Some competitors are larger than Spinney, and/or have greater financial resources available to them, and, as a result, may be able to devote greater resources to sourcing, promoting, selling their products and updating their store environment. Competition is characterized by many factors, including merchandise assortment, advertising, price, quality, service, location, reputation, credit availability and customer loyalty. We have experienced, and anticipate that we will continue to experience for at least the foreseeable future, significant competition from our competitors.
We are subject to the various risks of importing merchandise from abroad and purchasing product made in foreign countries, such as: potential disruptions in manufacturing, logistics and supply; changes in duties, tariffs, quotas and voluntary export restrictions on imported merchandise; strikes and other events affecting delivery; consumer perceptions of the safety of imported merchandise; product compliance with laws and regulations of the destination country; product liability claims from customers or penalties from government agencies relating to products that are called, defective or otherwise noncompliance or alleged to be harmful; concerns about human rights, working conditions and other labor rights and conditions and environmental impact in foreign countries where merchandise is produced and raw materials or components are sourced, and changing labor, environmental and other laws in these countries; local business practice and political issues that may result in adverse publicity or threatened or actual adverse consumer actions, including boycotts; compliance with laws and regulations concerning ethical business practices, such as the U. S. Foreign Corrupt Practices Act; and economic, political or other problems in countries from or through which merchandise is imported. Political or financial instability, trade restrictions, tariffs, currency exchange rates, labor conditions, transport capacity and costs, systems issues, problems in third party distribution and warehousing and other interruptions of the supply chain, compliance with U. S.
And foreign laws and regulations and other factors relating to international trade and imported merchandise beyond SOOT Analysis of Spinney Strengths: Long History Brand Recognition Established
Locations Nationwide Exclusive Popular Brand Names Weaknesses: Decline in coupons SOOT Analysis of Spinney Opportunities: Internet Sales Exploring Niche Markets (Maternity or Big) Attracting New Customers Complete overhaul of marketing strategies Launching new exclusive private label brands Threats: Rising Labor Costs in the U. S. Increasing competition in industry Internet-customers comparing prices Weak consumer spending Mitigate Weaknesses and Threats Major culture clash Risks Associated with Recommendations Implementing new strategies could result in more confusion for customers which could lead to a further decrease in sales. If reaching out to a niche market, Spinney could suffer financially if it doesn’t work. A change in management would cost the company a considerable amount of time and money.
Managers must position the organizations strategically in order to compete successfully Strategic Recommendations and Results Explore niche markets, for example, Big&Tall and Maternity Move more aggressively into online sales Allow customers to use coupons again Launch new exclusive and private label brands Fire the CEO if sales continue to decrease campaign strategy our STRATEGY: Capture he feeling of the “thrill of the find” It’s this feeling that gets Rebecca excited about shopping, and what will excite her about shopping at Spinney.
Also, it’s this concept that will push the ICP brand beyond the “low prices” To excite Rebecca so she’s inspired to shop at ICP, positioning. Appeal to our target’s emotional relationship with shopping Our campaign will resonate with the target audience by relating to her appreciation of to empower Rebecca so she feels confident about bargain shopping as a confidence booster. We her sax. N.
Y shopping and ICP, will also make Rebecca feel mart by giving her the tools to show off her deals, empowering her to be the sax. N. Y shopper leader among her friends. She’ll relish the feeling of confidence that comes with finding and flaunting her ICP and “steals. To reward Rebecca so she’ll shop at ICP again. Establish a personal relationship with the target to encourage loyalty Our campaign will reach out to Rebecca directly not Just to encourage her to visit ICP stores once, but to keep visiting.
The satisfaction from shopping ICP deals will reinforce her loyalty as much as our monetary incentives will. New Strategy I think for this new transition to take effect that Spinney’s will need to co-brand with Expenses should continue rebinding with well-known, trend-setting brands to attract and new segment market. I also think that they should go back to what works and try to regain their loyal market, send more coupons! 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Communication Plan [Replace items below with your own, keep in mind: the general objectives of all project communications two-way communication, listening and being seen to be listening opportunities for communication between stakeholders if required] 1 To ensure that the stakeholders ND the wider CUL community are aware of the project, understand why it is necessary and what benefits it will deliver. Key message: An applicant portal is an important element in ensuring sustainability of Scull’s competitive position in the marketplace of higher education. 2 To develop a desire amongst all members of CUL staff involved in the impacted process to contribute towards the successful implementation of the change and the delivery of the benefits.
Key message: The portal will benefit applicants and staff, and will contribute to the positive image of CUL as a leading global university. 3 To manage expectations among our stakeholders.
The project team aims to build a reputation as a trusted, quality and innovative information source which operates on a ‘no surprises’ basis across the project community. Key message: Details about what the project is delivering and when. 4 To provide timely and accurate information to the identified stakeholders about the steps to be taken.
This will both support and smooth the change process, thereby enabling the delivery of project benefits. Key message: For each stakeholder – what to do, when to do it, and how much time it feedback on the design of the change, raise issues, and use their expertise to nutrition to the success of the project.
Key message: All input is valuable. The responsibility for the success or failure of the project is shared amongst all the stakeholders. 6 To ensure that all members of CUL staff involved in the change have the knowledge, skills and understanding to use the new systems effectively and efficiently. Key message: How and when to communicate with applicants using the portal and why it is beneficial to do it this way.
To ensure that new practices are embedded in the process so that the benefit of the changes introduced are sustained long term. Key messages: Thank you! You have succeeded! The benefits that have been achieved and how we can make further improvements. Improve efficiency while avoiding conflict Stakeholder communication plans are important, especially in certain project management methodologies such as Agile Management or Six Sigma. Once you’ve defined your stakeholders, you need to develop a good communication plan. To begin, start by downloading this Stakeholder Communication Plan template. Keep in mind that you will need to identify: Who the stakeholders are and at what level do they need to be involved? What are the needs and interests of each stakeholder? Make an analysis of each stakeholders interests.
How will you effectively communicate with each stakeholder; what method? Determine the frequency of communication. A more in-depth look at how to handle your stakeholder audience is explained in the next two sections.
Current Leadership Direction and Recommendation Connect ICP to its customers Get customers confidence back Use survey to obtain feedback 1. I personally think that it’s time for Spinney’s to get its house in order. The management decisions that it has made over the last couple of years has done nothing but hurt the Expenses brand. Expenses brought on CEO Ron Johnson to help try to save the company, and now Expenses has brought that Oilman the very man that was replaced with Johnson to run the show again.
Investors are fleeing Spinney’s with no hopes of return. 2. Expenses has created a fresh new look, streamlined its prices and changed its brand.
I think for this new transition to take effect that Spinney’s will need to co-brand with other high-end, trendsetting retailers to appeal to a new segment market. 3.
Expenses should continue rebinding with well-known, trend-setting brands to attract and new segment market. I also think that they should go back to what works and try to regain their loyal market, send more coupons! Ethics – To emphasize the importance of their ethical culture, the Company publishes a statement of business ethics in ten languages to be accessible to associates in the countries where Spinney does business.